"We are removing the stock from the Conviction List on reduced confidence in the near-term trajectory, though maintaining our Buy rating on valuation," analyst Simona Jankowski said.

It was added: "We estimate that a third of the 13pt shortfall in sales guidance was due to macro factors, such as the federal shutdown and emerging markets (EM), while two thirds was due to company-specific factors including a pause in demand ahead of new routing and switching products, share losses in the low end of the edge routing segment to Alcatel and Juniper, and sharp declines in the set-top box (STB) business.